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Bitcoin processer BitPay has reduced the size of its staff as a cost saving message.
Bitcoin processer BitPay has reduced the size of its staff as a cost saving measure.
According to an article on CoinDesk:
PitPay has reduced the size of its staff in an effort to “reduce costs” and “better align with the pace of growth” in the industry, according to an email sent by CEO Stephen Pair to the firm’s employees earlier today.
The confirmation of staff reductions at the troubled bitcoin payments processor follows speculation, rumors and a report by bitcoin news source Qntra that BitPay employees were seen leaving its Atlanta office following layoffs.
Pair’s email, entitled “Important Company Announcement” and sent to the entire company, suggests the move may have been taken with little prior notice to employees, as he indicated his belief the day would be “emotional” for those involved. The email was provided to CoinDesk by a source close to the firm.
Sources close to the company suggest upwards of 20 full-time employees and contractors may have been laid off.